Vail Springs, Colorado (Reuters) – Two large condominium projects slated for development in the Colorado Rockies will be developed by a company backed by billionaire Michael Bloomberg and are expected to bring in at least $2 billion in revenue annually, according to a joint announcement on Wednesday.
Bloomberg will lead a team of advisers, including former JPMorgan Chase executive Robert Riggs, who will oversee development, while developer James Henson will lead the financing, according the announcement.
Henson said the projects would be priced at $500 million to $1 billion, with about 70 percent of the units being marketed to residents and the rest for commercial tenants.
The announcement comes amid a surge in condominium construction in the area.
The Colorado Springs area has seen nearly 800 new units built or under construction over the past two years, more than in any other county, according a Bloomberg project report from December.
In September, the area recorded nearly a half-billion dollars in development, according U.S. Census Bureau data.
A Reuters review of the projects, which are not yet in development but are already under construction, found that nearly a third of the condominium units would be commercial.
The projects are part of the $5.5 billion in projects that Bloomberg and Henson have signed deals to finance, according in the Bloomberg report.
Hensons co-investment partner, John Goggin, has been involved in other large condonas projects in the past.
The Denver-based firm has partnered with billionaire investor and former U.N. Secretary General Kofi Annan on projects such as the New York-based World Bank Development Fund’s Millennium City project in Kenya, which is expected to generate nearly $5 billion for development, and the New Haven-based West Haven-Suffolk Development Corp. project in Connecticut.
Horseshoe condominium development in West Haven, Connecticut, is pictured in this undated handout photo courtesy of West Haven Townships and the West Haven Housing Authority via REUTERS/West Haven Housing Authorities/Handout via Reuters